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Would you buy off Facebook?

With over a billion people signed up to the leading social networking site Facebook, it’s easy to see how the sites developers would be keen to give the estimated 500 million people who log on to Facebook on a daily basis; the capability to buy products or services advertised on the site without having to log off in order to process payment.

With this in mind Facebook’s owners are in the process of developing a new mobile payment feature that would allow users to upload their card details onto their Facebook account, and store the information to be used at a later date to process payments.

However, Facebook said the feature would not involve moving the payment processing away from an app's current service provider, and that this feature will simply help to demonstrate to potential advertisers the effectiveness of the site as a viable revenue driver.

Clearly it’s easy to see that advertising with Facebook would be a wise move for any consumer business. Their latest figures reported that the generated advertising revenue currently sits at £1billion for the three months April to June during 2013. The major benefit then of the new app would be to allow advertisers to track how many Facebook users actually purchased items from partner applications.

Manoj Menon, managing director of consulting firm Frost & Sullivan told the BBC.

"This feature will help them demonstrate to the advertisers the effectiveness of its platform in driving revenue. It is a fantastic move by Facebook,"

However should we as consumers trust that the social networking giants would be able to keep our banking details safe and secure?

Not so says Denee Carrington, an analyst with Forrester Research.

"Consumers want safe, seamless and convenient mobile payments and there are a growing number of competitors that consumers trust more, such as PayPal, Visa ( and others,'

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Category: Digital Entertainment
Date: 16th August 2013
Would you buy off Facebook?

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